
I have heard the term Indemnity Bond thrown around in the insurance business and I was curious do you know what one actually is? Thanks.
You may have misunderstood the term. An Indemnity agreement is something the surety company requires for all bonds. Bonds are not insurance but more like a line of credit for which the surety wants the principle to personally guarantee.
Originally Posted by lifeisgood
You may have misunderstood the term. An Indemnity agreement is something the surety company requires for all bonds. Bonds are not insurance but more like a line of credit for which the surety wants the principle to personally guarantee.
You mentioned an Indemnity Agreement. What does this agreement cover? What is it for?
An indemnity agreement is used for the owners of a company or sole proprietors to personally indemnify themselves for what ever bond they may have in place.
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